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STORNOWAY DIAMOND CORPORATION
Suite 400 - 889 West Pender Street AUDITORS’ REPORT To the Shareholders of Stornoway Diamond Corporation: We have audited the consolidated balance sheets of Stornoway Diamond Corporation (the “Company”) (A Development Stage Company) as at 30 April 2006 and 2005 and the consolidated statements of loss, and deficit and cash flows for the years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at 30 April 2006 and 2005 and the results of its operations and its cash flows for the years then ended in accordance with Canadian generally accepted accounting principles. “Staley, Okada & Partners” Vancouver, BC Staley, Okada and Partners, with offices in Vancouver and Surrey, is a Member of MSI, a Network of Independant Professional Firms. A Member of the Institute of Chartered Accountants of British Columbia. A Partnership of Incorporated Professionals; L.M. Okasa. Ltd., K.A. Scott, Ltd., J.M. Bhagirath. Ltd., L.W.D. Vickars, Ltd., G.S. Traher, Inc., D. Larocque, Ltd. |
SWY:TSX
Focussed. Experienced. |
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